BTC, ETH, XRP Rally Boost Global Crypto Market Cap to $2.7trn
Price appreciation of Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple XRP, and other top crypto names bolstered the global crypto market cap by about 5% in 24 hours to $2.71 trillion on Thursday.
The crypto market is up 4.54% to $2.7 trillion in Bitcoinurs, primarily driven by a macro-driven rally in Bitcoin. It shows a strong correlation (91%) with Gold, indicating inflation-hedge positioning.
The market’s rise is led by Bitcoin, whose 59.85% dominance underscores its role as the primary driver. The 24h correlation with Gold reached 91%, while correlation with the S&P 500 (SPY) was 70%, pointing to a broad macro-driven move rather than a crypto-specific catalyst.
Bitcoin is hovering at $80.6K, and Ethereum trades at $2,487 following about a 4.5% gain. Binance Coin is up 4.77% to $720, and XRP has climbed to $1.45, up by 8.5% in 24 hours.
Secondary amplifiers include a sharp 74% drop in Bitcoin liquidation volume over 24 hours, reducing immediate sell pressure. Simultaneously, U.S. spot Bitcoin ETF assets grew by $3.42B over the past month, reflecting steady institutional demand.
The immediate path hinges on Bitcoin’s price action and key technical levels. The total market cap is testing the 23.6% Fibonacci retracement level at $2.58T. A hold above this level, supported by positive ETF flows, could target the next resistance at $2.86T (127.2% extension).
The bullish structure remains intact, but its viability depends on Bitcoin’s stability. A failure to hold $2.5 trillion support could lead to a retest of lower levels.
The rally is primarily a macro-driven Bitcoin move, amplified by improved market structure and institutional flows. The key question for the short term is whether Bitcoin can maintain support above $77,000 to fuel further gains across the crypto board.
Outlook remains positive, as traders note that regulatory clarity is the primary catalyst for the deployment of institutional capital.
US SEC Chair Paul Atkins’ public push for Congress to advance the CLARITY Act ahead of the September 15 Senate procedural vote establishes a definitive timeline for structural market oversight.
If passed, the legislation would provide legal certainty regarding the jurisdictional boundaries between the SEC and the CFTC, effectively reducing the compliance risk premium that currently suppresses institutional allocations.
Even if the bill stalls, the SEC and CFTC’s commitment to utilising existing authority to craft tailored rules signals a permanent transition away from enforcement-by-litigation, creating a more predictable operating environment for digital asset issuers and exchanges.
Market sentiment is currently cautiously bullish. Strong greed and price momentum are positive, but social media shows division and derivatives traders are pulling back, suggesting the rally might face near-term resistance.
